Source: Clearstream
Clearstream has become the first International Central Security Depositary
(ICSD) to accept the Russian Ruble (RUB) as eligible for settlement as of Monday 15th January.
This innovative move comes in response to growing demand by investment banks and issuers looking for exposure to the steadily appreciating Russian currency to issue Eurobonds denominated in Rubles. It was made possible by the implementation in Russia as of January 1st, 2007, of the Currency Regulation Law allowing full trading liberalization of the Ruble market.
The acceptance of the Ruble as a full settlement currency within Clearstream allows issuers interested in issuing Eurobonds denominated in and settling against Ruble to clear and settle their assets with the Luxembourg based ICSD.
Jeffrey Tessler, CEO of Clearstream said "Clearstream is very pleased to be the first ICSD to make the Ruble eligible for securities settlements. It is the result of the close cooperation we have been able to establish with the Central Bank of Russia. We look forward to continue working with the Russian authorities and assist them in bringing the Russian capital markets to the highest possible standards of excellence".